It is important to educate yourself on the new health care laws and what changes you can expect to take place between now and 2014. Below are a few frequently asked questions and answers related to HCR. Hopefully this will provide you with a better understanding of what healthcare reform will mean to you.
1. I currently have health insurance coverage, do I need to do anything now?
No. The new law is being implemented over the next several years. If you currently have insurance through your employer, they will most likely continue to provide coverage for you for the time being, or you can take out an individual policy from one of the many health insurers. State and federal regulators are currently drafting the required regulations.
2. When will health care reform become effective?
Most significant changes will become effective in 2014. Individuals and small businesses will be able to purchase coverage through state-based health care exchanges. You will be able to purchase health insurance regardless of your health status and premiums cannot vary because of health status. You will be required to purchase health insurance or pay a penalty. Subsidies will be available on a sliding scale to help individuals or families with incomes up to 400% of the federal poverty level to purchase insurance through the new state-based exchanges.
3. Will health insurers have to cover everyone regardless of their health status?
Yes - everyone will be able to purchase health insurance coverage, regardless of their health condition. There will be a requirement for everyone to obtain and maintain coverage beginning in 2014. New laws require that everyone have coverage and insurers must offer coverage to anyone regardless of health status and cannot vary premiums based on health status.
4. How will health reform affect my premiums?
Currently, many factors drive health insurance premiums. The biggest causes of increasing healthcare premiums are increasing use of coverage due to an aging population; obesity and chronic illnesses; new treatments; prescription drugs and expensive new technologies. The new health care law establishes a few pilot programs, but does not aggressively attempt to control rising healthcare costs.
Many do believe that premiums will increase as a result of provisions in the reform legislation that will guarantee richer levels of benefits than most consumers who obtain their own insurance purchase today. There will be insufficient discounts for the young and healthy, which many believe will encourage them to forgo coverage. Fees and taxes mandated by the new law will also likely increase the cost of premiums as they are phased in.
Many insurance companies are already working on initiatives to reduce unnecessary hospital readmissions, eliminate infections acquired during hospital visits and promote paying doctors and hospitals for quality outcomes to help achieve the goal of affordable healthcare for all Americans.
5. I am currently uninsured. How will I obtain coverage in the future?
There are many health insurance companies that offer low-cost health insurance options that you can enroll in today.
Beginning in 2014, state health insurance exchanges will allow you to compare benefits, prices and networks of providers and purchase coverage based on this information.
Prior to the establishment of state exchanges in 2014, a temporary high risk pool program will be created by the federal government to provide coverage to those high-risk individuals who haven’t been covered during the prior 6-month period or don’t have access to coverage. A majority of states already have high-risk pools for their residents.
6. I am graduating from college this year. Will I be able to obtain coverage under my parents’ health plan?
Yes. As of Sept. 23, 2010, the law allows dependents up to the age of 26 to obtain coverage under their parents’ plans that offer dependent coverage.
7. What if I can't afford to purchase coverage?
Health Insurance companies offer many different options, including many that are much more affordable than you may realize. Those who purchase health insurance on their own may qualify for federal subsidies to help offset higher premiums beginning in 2014. Federal agencies are still working out how the subsidies would be paid. The Congressional Budget Office estimates that about 20 million American households will be eligible for subsidies. In addition, eligibility in Medicaid, the federal-state program that provides health coverage to millions of Americans, will expand to cover families with incomes up to 133% of the federal poverty level.
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